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As young professionals re-examine their work-life balance, investment banking is becoming a less popular choice despite the money.
![Rookie Bankers Sour on Wall Street’s Pitch of Big Pay and Long Hours (Published 2021) (1) Rookie Bankers Sour on Wall Street’s Pitch of Big Pay and Long Hours (Published 2021) (1)](https://i0.wp.com/static01.nyt.com/images/2021/07/26/business/00Junior-Bankers-Iyoriobhe/merlin_188023803_dbfcc67d-b530-4d2a-88ad-b910e61d4c1c-articleLarge.jpg?quality=75&auto=webp&disable=upscale)
By Kate Kelly and Lananh Nguyen
When Vince Iyoriobhe joined Bank of America’s investment banking division as a rookie analyst in 2017, he planned to stick around just long enough to get the experience needed to pursue his dream career in another corner of finance entirely — private equity.
“I knew banking was going to be tough,” Mr. Iyoriobhe, 26, said. But his attitude was: “I’m going to do it for two years and then go on to something else.”
The lure of investment banking is fading for the youngest members of the work force.
For decades, investment banking — the job of advising big companies on their most pressing needs — was one of Wall Street’s most prestigious careers, glorified in 1980s best sellers by writers like Tom Wolfe and Michael Lewis. Thousands of young hopefuls applied every year for a chance to start careers at Goldman Sachs, JPMorgan, Salomon Brothers and other banks as analysts — entry-level positions that taught aspiring financiers how to build financial models and evaluate businesses.
They embraced the long hours and grunt work in exchange for the prestige of jobs that eventually paid millions. In turn, each analyst class provided banks with a reliable pipeline of talent.
But new college graduates are increasingly unwilling to put themselves through the strenuous two-year analyst program, despite starting pay that can reach $160,000. That’s especially so as careers in technology and other parts of the finance world promise better hours and more flexibility. The pandemic, which forced many to reassess their work-life balance, has only underscored that thinking. Others, like Mr. Iyoriobhe — who put in 90-hour weeks at Bank of America, sometimes going home only to shower — are willing to do it for the minimum time necessary to put it on their résumés. He now works at a private equity firm.
“It’s kind of like going through boot camp,” said Ben Chon, a 27-year-old entrepreneur whose YouTube video about leaving his job as a health care banker in JPMorgan Chase’s San Francisco office, posted in February, has garnered more than 100,000 views.
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